You are correct, except that this Presto uses a pressure valve that simply opens when the internal pressure rises above around 15psi.

And on the opposite side from the pressure gauge is a little metal piece sticking straight up from the lid about 3/4" or so. This piece has a hole in the middle that goes straight through the lid. I always thought pressure cookers were supposed to be airtight! Am I missing a piece or something?

Yes you are, this is a steam vent and you need a rocker (also called a stopcock) that sits on top of the tube. When the pressure builds to 15psi this will begin to rock back and forth to release small amounts of steam and maintain a constant pressure of 15psi.
You can buy these at kitchen or hardware stores or directly from Presto.

Also, the pressure gauge needle is stuck halfway between 0 and 5 even though I have not yet tried the cooker. Is it innacurate or is this normal?

Could be o.k. or could be screwed up. It doesn't really matter though because most sterilizations for cultivations call for 15 psi and that's the maximum your Presto will build up even if the guage is faulty.

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-Chester Copperpott-

You ought to be able to see a Model number under the name on the name plate,,,Like mod. 21 ,,,,or mod. 7 ,,,,,,,or something like that,,,,,,,my buddy has found the same model cooker can have more than one kind of "giggler" depending on when it was made.

If you get the model number and post it I may be able to tell you what kind of "giggler" it uses ,,,and some tips on it's use depending on said giggler.

But my buddy has a boatload of used units he's gotten over the years and they all work,,,there mostly Presto's too.

Actually he says he would take an older Presto over one of their new models any day.
He goes on to say the only reason they look the way they do today is because there cheaper for the Co. to manufacture,,,not because there necessarly a better cooker!

Per Hoyt :-)